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Loans for Rent in an Emergency

  • 8 MIN READ|
  • 0 Comments |
  • 55000 |
  • by Heather Willis|
  • March 27, 2019 |
  • Loans


Renting can be comparatively cheaper than buying a home. However, there is no denying that rent takes up a large portion of any family's income. Even if you are struggling with finances, not paying your rent is never an option. In case of any delay in rent payment, you may have to pay a late fee after an initial grace period and possibly face legal eviction for not paying rent. That is where Rent Loans come in.

If you are searching for a way to help pay rent while you are in a tough spot, you may want to consider applying for a personal loan. There are some legitimate online lenders dedicated to providing people with emergency cash loans for rent payments at competitive rates.

Here in this article, we have tried to answer some of the most commonly asked questions about rent loans that will help you to continue living in your rental house.

What is a Personal Loan for Rent?

As the name implies, personal loans for rent assistance are short-term loans that you can get if you're at risk of falling behind on your rental payments. Although there are some state government and local non-profit organizations that offer grants or rent assistance programs, it may take several days or even weeks to get a check or cash in hand. People, who usually have no time to wait to pay rent, find this loan option as a fast and convenient way to get cash.

Some online lenders specialize in emergency loans for rent. Some online lenders will accept bad credit and provide rental loans for bad credit. So, if you have a bad credit history and a bad credit score, you will get money to pay rent. However, possible lending amounts differ and so do the interest rates.

So, you should check out the terms and requirements before you agree to a loan. It is important to check out reviews online of the potential lending company you are considering going for an emergency loan for rent. Traditional lending institutions will not provide these loans.

Can You Get a Loan for Rent?

Borrowing a loan when you need money urgently is not a new phenomenon. While financial difficulties or significant life changes can make paying your rent a daunting task, there is nothing wrong with turning to online lenders offering rent loans to people with bad credit. As far as your rights as a tenant are not violated by your landlord, you can also get a loan to pay rent and avoid facing eviction.

Each online lender has their own criteria that you need to meet in order to be eligible for a loan. So if you need quick cash for rent, you will want to find out what those requirements are and work to fulfill them.

Here are the common documents most lenders may expect you to provide:

  1. Proof that you are at least 18 years of age
  2. Proof of income
  3. Government Issued ID
  4. Bank Account
  5. 2 references

Should You Use a Short-term Loan to Pay Your Rent?

It is important to know that missing a rent payment can significantly affect your credit score if your landlord reports rent to credit bureaus. This is the prime reason why you should prioritize paying rent on time. Besides that, failing to pay your rent on time could damage your chances of getting a future rental if rent payments are being reported.

To avoid such circumstances, it becomes important for you to know if you should take out a loan to make rent payments or not. The best way to make this decision is by looking at various benefits of borrowing a rent loan.

Here are some of the advantages of house rent loans:

  • Fast Disbursement of Funds

You should understand that not all landlords would wait to start the eviction process soon after you miss a rent payment. That’s why it’s important to get funds as quickly as possible and pay your rent on time. Your rent loan disbursement will be quick and easy if you meet all the requirements of the lender. Therefore, getting an emergency rent loan seems like a wise move rather than waiting for days to get approved for grants.

  • Enhance your Credit History

Getting any loan can impact your credit score in some way. While late payments stain your credit history, borrowing a rent loan can help you get back on track. To further ensure improvement in credit score, you should repay the loan in a timely manner. Maintaining good credit history by making payments on time can help you in borrowing bigger loans like home loans in the future with ease.

  • Wide Borrowing Limit

A rent loan can help you get the money you need from as little as $1,00 to $50,000. This means that you can apply for a rent loan by choosing an amount wisely as per your requirement and repayment ability. However, the decision to lend is entirely at the discretion of the lender. In the same way, you should compare interest rates, fees and charges, and repayment flexibility offered by different lenders before you go ahead with your borrowing plans.

How Can You Get Emergency Loans to Pay Rent?

There are many lenders willing to provide the money you need even if you have less than perfect credit and CASH 1 is one of them. The way rent loans work is the same as for other types of emergency loans with bad credit online. The process of obtaining a loan for rent involves the following:

 
  1. Apply Online
    Apply Online  
  2. Get Approved
    Get Approved  
  3. Get Your Cash
    Get Your Cash  
 
  1.     1. Apply Online:

    Online lenders generally approve loans for rent to people with bad credit. So if you have a poor credit history and credit score, you may still be eligible for an emergency loan for rent. You will just need to spend a few minutes to fill out an online application form. Each online lender has their criteria, so make sure to find out what their requirements are before applying.
  2.     2. Get Approved:

    Next, the lender will review your application, and once you fulfill all the criteria of the loan, they will send you a loan offer to be accepted by you. Most lenders will offer rental loans for bad credit, and usually approve a loan if your monthly income is at least $1,200. And it does not matter if your income is received from a job or federal government assistance. It is important that you review the terms and conditions before signing the loan agreement.
  3.     3. Get Your Cash:

    If you accept the loan terms, the lender will provide funding of the loan in cash or any other mode as may be specified in the loan agreement. Some lenders will not offer very much money, while other lenders will offer more. If you can get quick cash, it will give you a chance to pay your rent in full and on time. It is, however, important to choose a reputable online lender that offers rent loans during emergency times to avoid unfavorable terms and conditions.
 

What are Your Rights as a Tenant?

Knowing your rights as a tenant can help you protect yourself from unfair rental practices like rent gouging, wrongful eviction, and housing discrimination. For this, you need to understand the landlord-tenant laws in your state before entering into a rental agreement.

Here’s a look at the basic rights of tenants:

  1. Your Fair Housing Rights

When you apply for a rental, the Federal Fair Housing Act provides you protection from getting rejected based on your race, color, religion, gender, age, familial status, ethnicity, national origin, or disability. There could be laws in your state that could prohibit discrimination on other grounds as well.

  1. Your Right to a Habitable Home

By "habitable home" it means a house or apartment that is a reasonably safe, clean place to live. One of the most important tenant rights is to demand a habitable rental space. The house should be not only safe to live in but provide access to usable heat, utilities, and water.

  1. Your Right to Privacy

Your landlord needs to provide prior notice before coming into your home. Individual state laws further govern when and how much notice you must be given by the landlord in case of repairs and maintenance or for the purpose of showing the unit when you move.

  1. Your Right to Your Security Deposit

You normally pay a security deposit as a tenant when you rent a house. Each state sets a limit on the amount of security deposit landlords can charge. Landlords can’t charge unnecessarily higher deposits without any valid reason. State laws also control when a landlord must return the tenant's security deposit.

  1. Your Rights Regarding Eviction

If you fail to pay your rent, your landlord can evict you from your home. There could be other reasons for tenant eviction like allowing people or pets living with you that are not allowed on the premises. Your right is to receive a notice of eviction stating the reason and a fair chance to appear in the court.

If you are being evicted, you can discuss this with your lawyer to find out if your landlord has violated any of your tenant rights or not. If yes, you can borrow a rent loan and cover the missed payment to avoid the eviction.

What is a Rental Assistance Program?

Emergency rental assistance provided by some government and local non-profit organizations is based upon need. In some cases, you won't have to pay back the money at all. They can be a good option before you apply for a rent loan from an online lender.

The eligibility for availing the benefit of an emergency rental assistance program is based on the following two criteria:

  1. Family income based on a percentage of local area median income (AMI)
  2. Each member of the family must have a valid immigration status or be a U.S. citizen

If you have received an eviction letter, you must act quickly. Once you’re found eligible, obtaining emergency rental assistance can take several days or even weeks to finally get a check or cash in hand. It usually comes in the form of a direct payment to your landlord.

However, if you do not qualify for any emergency rental assistance program, or if you are eligible for one, but you cannot wait several days because you need to get the money fast, perhaps it would be better to get a rent loan.

Here is a List of Rental Assistance Programs by state

Alabama
HUD Alabama
Alabama Rental Assistance

Alaska
Alaska Fair Housing Corporation – Grants
AHFC Grants for Homeless and Supportive Housing

Arizona
Arizona Department of Housing Resources

California
CA Department of Housing and Community Development

Colorado
Colorado Housing Assistance Corporation

Connecticut
Housing Grants for Connecticut

Delaware
Delaware Financial Assistance & Financial Help

Florida
State of Florida Housing Assistance
Seminole County, FL – Housing and Financial Assistance

Hawaii
Children’s Advocacy Project Housing/Utility Assistance Resources

Idaho
Idaho Housing and Finance Association – Grant Programs

Illinois
Illinois Housing Development Authority – Rental Assistance
The County of DuPage, IL – Housing Assistance

Indiana
Indiana Housing & Community Development Authority – Rental Assistance

Iowa
Iowa Financial Assistance & Financial Help

Kansas
Kansas Financial Assistance & Financial Help

Kentucky
Kentucky Financial Assistance & Financial Help

Louisiana
Housing Grants for Louisiana

Maine
The Bridging Rental Assistance Program (BRAP)

Massachusetts
MA Housing and Economic Development Housing Assistance

Michigan
Michigan State Housing Authority
Michigan Financial Assistance & Financial Help Resources

Minnesota
How to Get Emergency Assistance in the Twin Cities

Mississippi
Mississippi Home Corporation

Montana
Montana Home Investment Partnership Program

Nebraska
Nebraska Department of Economic Development – Housing Programs

Nevada
Southern Nevada Regional Housing Authority – Housing Choice Voucher Program

New Hampshire
New Hampshire Emergency Assistance Funds

New Jersey
Assistance for Single Mothers in New Jersey

New Mexico
New Mexico Housing Assistance

New York
NYC Department of Housing Preservation & Development – HomeFirst Program

North Carolina
North Carolina Benefits

North Dakota
North Dakota Housing Finance Authority – Rental Assistance
ND Department of Commerce HOME program

Oregon
Oregon Grant and Tax Credit Programs for Housing
Oregon Housing and Community Services

Pennsylvania
PA Housing Finance Authority

Rhode Island
Rhode Island American Dream Downpayment Initiative PDF

South Carolina
South Carolina Section 8

South Dakota
South Dakota Low Income Housing

Tennessee
Tennessee Housing Development Agency

Virginia
Virginia Housing Assistance For Veterans

Washington
Seattle Rent Assistance

West Virginia
West Virginia Financial Assistance & Financial Help

Wisconsin
Wisconsin Housing Assistance Programs
Milwaukee, Wisconsin Rent Assistance Agencies

Wyoming
Wyoming Financial Assistance & Financial

The Bottom Line

Just because you do not have the money to pay the rent does not mean you should lose your home or apartment. There are rent loans that can be obtained quickly, and often with a simple online application. Traditional lenders will not provide these types of loans.

You may also find it increasingly difficult to get a personal loan from a traditional lender if you have poor credit. So perhaps the best and only chance you have is to apply for quick cash loans for rent with a reputable online lender if you need money fast.

  • You must have an a median income or one that is a certain percentage of the poverty level (usually 100%)
  • You generally must be in imminent danger of eviction
  • You may have to present an eviction demand letter from your landlord

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